MOTEL financing options? Motel closing attorney?

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  • Kevin MoyerBusiness Member
    Property Manager · Philadelphia, PA · Member since 2019 · 271 posts · 303 votes
    6y

    David- my wife is a commercial real estate attorney in Philly and I have worked with a few local brokers. I'll connect with you. 

    Good luck

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  • David Krulac
    Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
    6y

    @David Smith Great name!  Many Motels/Hotels are conveyed with some if not all seller financing.  One deal had some seller financing with the current owner as well as left over financing from a prior owner, and a line of credit for the buyer.  At this particular motel, besides daily rates, they also had weekly rates.  Depending on the season the daily  versus weekly ratio was 50/50 all the way to 90/10.  And they did not accept credit cards or checks, so what do you think they accepted?  Since the method of payment was similar to laundromats the income purported is not always the same as reported!  Hence the difficulty in financing.

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